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WeWork stockholders are suing the company amid claims that they were misled about its financial state.
The suit, which was filed in California federal court earlier this month, blames the company’s ‘excessive’ culture for driving down its value and failing investors.
“WeWork was engaged in profligate spending in a reckless bid for growth at all costs – not in a manner designed to sustainably grow its business, but rather to induce capital raises from investors at ever higher valuations,” the lawsuit says.
“In an October 2019 slide presentation, after shocking details emerged of the company’s behind-the-scenes excess in the course of its failed IPO bid, WeWork acknowledged it had eschewed a disciplined focus on profitable market expansion during the class period and instead strove to ‘(g)row business commitments prior to funding commitments.’”
The lawsuit notes that this behavior contributed to the company’s dramatic 90% fall in value.
